Edison Investment Research - Fluence Corporation (FLC) Fluence Corporation - Cash call

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Edison Investment Research

Fluence Corporation - Cash call

Fluence has raised A$36m (US$25m) through a placement of 81.8m shares at A$0.44 (a 12% discount to the closing price on Wednesday, 16 October). The company indicates the proceeds will fund the expansion of MABR capacity in China, growth into new (unspecified) geographic territories and will ensure it has sufficient capital on hand to meet CES (Custom Engineering Solutions) project guarantees. The raise has been supported by existing shareholders plus new Australian institutional investors.

22/10/2019 2 EN

Underlying

Fluence Corporation

Fluence is engaged in the application of surface coating and protection and structural rehabilitation and maintenance technologies; and mobile phone handset manufacturing and radio frequency identification tag manufacturing sectors. Through its entities, Co. is also engaged in the infrastructure and resources sectors.

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AU000000FLC5 Australian Securities Exchange Australia

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Edison Investment Research

Fluence Corporation - Good progress and guidance unchanged

Q1 saw revenue substantially beat our estimates and EBITDA turn positive. Some regions and products have been affected by COVID-19, but FY20 sales guidance remains intact and we leave our numbers unchanged. The company is on track to receive a cash payment of over $34m from its Ivory Coast contract in Q2. Receipt of this payment is not explicitly factored into our forecast and should address balance sheet concerns.

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Edison Investment Research

Fluence Corporation - Contrasting trends continue

The contrasting trends observed in Q3 continued into Q4. While Custom Engineering Solutions (CES) sales stalled, Smart Product Solutions (SPS) grew substantially (doubling q-o-q). Guidance for SPS to rise â€˜at leastâ€™ 20% in FY20 appears prudent given current uncertainties over China. However, it probably understates the commercial progress made in the last six months. We trim our FY20 top-line forecast, but with financial closure on the Ivory Coast contract achieved, Fluence should still be EBITDA positive.

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Fluence Corporation - Cash call

Monthly LMI Update Independent Investment Research

Fluence Corporation - Good progress and guidance unchanged

Fluence Corporation - Contrasting trends continue

Information Services Corporation - Strong underlying growth, guidance reiterated

PVA TePla - Material matters

Zalaris - Continuing contract momentum in FY24

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